PRESIDENT TRUMP left Washington Monday boosted by a pause in the trade war with China but trailed by a new controversy over an expensive gift from the government of Qatar.
Trump will be hunting new investment deals for the U.S. over the next four days in the Middle East on the first major foreign trip of his second term, with stops planned in Saudi Arabia, Qatar and the United Arab Emirates. Secretary of State Marco Rubio is also making the trip.
The president boarded Air Force One on Monday as the stock market surged over news of a trade breakthrough between the U.S. and China. The two economic powers agreed to a 90-day pause on most of the retaliatory tariffs imposed since Trump’s “Liberation Day” moves last month.
The Hill’s Sarah Fortinsky writes:
“Under the agreement, the U.S. would lower its tariff rate on Chinese imports from 145 percent to 30 percent, while China agreed to lowers its tariff rate on U.S. goods from 125 percent to 10 percent. China also agreed to suspend or remove nontariff countermeasures taken against the U.S. since early last month.”
At a press conference Monday, Trump said he expects to eventually strike a deal in which China opens their markets to U.S. products, although he noted that China has backtracked on such deals in the past.
“They’ve agreed to do that but it’s going to take a while to paper it,” Trump said.
And Trump said China agreed to crack down on fentanyl production.
Trump and Chinese President Xi Jinping will discuss the contours of the deal “at the end of the week.”
Treasury Secretary Scott Bessent said the ultimate aim is a “de-coupling” from China for “strategic necessities” to avoid future supply chain disruptions, as happened during the COVID-19 pandemic.
Democrats accused Trump of giving in to China.
Senate Minority Leader Chuck Schumer (D-N.Y.) said China “got the better of Trump,” while Sen. Elizabeth Warren (D-Mass.) said “he just caved to Xi Jinping.”